NEWS RELEASE
SARNIA, Ontario - Bioindustrial Innovation Canada (BIC) is pleased to announce that is has made an investment in GreenMantra Technologies (“GMT”), a Brantford-based company that has made significant progress in up-cycling waste plastics, building a substantial ‘clean-tech’ enterprise by producing high value applications for their regional customers.
GMT has systematically increased its portfolio over time by continually adjusting their patented thermo-catalytic depolymerization process, allowing the company to effectively tailor applications for their customers using waste polyethylene (“PE”), polypropylene (“PP”), and polystyrene (“PS”). GMT’s process has already been proven on a commercial scale, as the company has healthy sales volumes and positive customer reviews attesting to the superior quality of the various products, which GMT’s wax additives are utilized in.
BIC is pleased to be co-investing in GreenMantra Technologies with Cycle Capital Management and ArcTern Ventures, with whom BIC recently entered into Memoranda of Understanding in order to cooperate in seeking sustainable investment candidates.
“Green Mantra’s technology for plastics recycle represents a significant breakthrough on several fronts. First, the ability to depolymerize waste ethylene-based polymers in a controlled manner to directly yield value added products –something never achieved before. Second, the potential to extend their technology to styrene-based waste polymers and in particular expanded versions –another first. Bioindustrial Innovation Canada is pleased to fund this innovative endeavour,” said Paul Clark, retired Nova Chemicals Vice President, Research & Technology.
To qualify for BIC investment, GMT completed a process under BIC’s initiative program, The Centre for Commercialization of Sustainable Chemistry Innovation (COMM SCI), which acts as a hub for the commercialization of sustainable chemistry and bio-based innovation.
“We’re gratified and excited that BIC has chosen to invest in GMT’s technology and people,” said Jodie Morgan, Chief Executive Officer of GreenMantra. “Our mission is to provide customers with high-value products that simultaneously advance a more circular economy for plastics where they are beneficially reused rather than ending up in our oceans and landfills. Having BIC as a partner in this project is a major milestone for us.”
For more information please contact
A.J. Sandy Marshall
Executive Director,
Bioindustrial Innovation Canada
Email: sandym@bincanada.ca
Or
Samantha Giggs
Sales & Marketing Coordinator
GreenMantra Technologies Ltd.
About Bioindustrial Innovation Canada
Bioindustrial Innovation Canada (BIC) is a nationally focused not-for-profit organization based in Sarnia, Ontario. The Centre for Commercialization of Sustainable Chemistry Innovation (COMM SCI) acts as a hub for the commercialization of sustainable chemistry and bio-based innovation, providing businesses and technical support to participating small- and medium-sized enterprises (SMEs) in southern Ontario. COMM SCI was established with a $12-million contribution from the Federal Economic Development Agency for Southern Ontario’s (FedDev Ontario) Investing in Regional Diversification initiative and additional support from the Government of Ontario Ministry of Research, Innovation and Science. BIC creates jobs and economic value sustainably for Canada. We provide critical strategic investment, advice and services to business developers of clean, green and sustainable technologies. Our expertise in commercialization builds a stronger Canada.
About GreenMantra Technologies
Based in Brantford, Ontario, GreenMantra Technologies utilizes a proprietary thermo-catalytic system and patented process to cost-effectively convert and “up-cycle” waste plastics, including hard-to-recycle materials such as grocery bags and film, into high-value polymers and other specialty chemicals. These materials have a broad range of applications in the roofing and paving, coatings, plastics processing and adhesives industries. More information on the company, its products and its innovative technology can be found at www.greenmantra.ca
About ArcTern Ventures
ArcTern Ventures is a privately-backed venture fund focused on disruptive cleantech innovation. We invest in companies with deep IP, global markets, a strong value proposition (independent of regulatory or policy support) and world-class management teams.
For more information, visit http://www.arcternventures.com/#mission
About Cycle Capital Management
Cycle Capital Management (CCM) is an impact investor and Canada’s most active cleantech venture capital firm. With offices in Montreal, Toronto and Qingdao, in continental China, and a presence in New York and Seattle, CCM has more than $350M in AUM (assets under management) and invests in companies at the development and growth stages that commercializes clean technologies striving to reduce greenhouse gas emissions, optimizing resource use and improving process efficiency throughout North America.
CCM regroups seasoned investment professionals, strategic advisors and industrial partners with in-depth knowledge of the sector. The firm has a special relationship with its strategic partners, notably Brookfield Renewable Energy, Rio Tinto, Cascades, Group M3, Lonza, Gaz Métro, Systemex Énergies, Aluminerie Alouette and Hydro-Québec. For more information on Cycle Capital Management, visit: cyclecapital.com.